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Nonprofiteer
← LUMBEE RIVER ELECTRIC MEMBERSHIP CORPORATION

Form 990 for tax year 2024

Filed by LUMBEE RIVER ELECTRIC MEMBERSHIP CORPORATION.

Totals

Total revenue
$169,560,200
Total expenses
$170,690,428
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$168,744,996
Investment income
$620,818
Other revenue
$194,386
Total assets, end of year
$419,587,831
Total liabilities, end of year
$251,803,355
Net assets or fund balances, end of year
$167,784,476
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

Program services were 0.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: SALE OF ELECTRICITY

    total $165,948,815 · related or exempt $165,948,815

  • 2b · Program service revenue: CONTRIB IN AID OF CONSTR.

    total $2,324,972 · related or exempt $2,324,972

  • 2c · Program service revenue: PATRONAGE CAPITAL REC.

    total $471,209 · related or exempt $471,209

  • 3 · Investment income

    total $527,637 · excluded $527,637

  • 6a · Gross rents

    personal property $136,924

  • 6b · Less rental expenses

    personal property $625

  • 6c · Rental income or loss

    personal property $136,299

  • 6d · Net rental income or loss

    total $136,299 · unrelated business $5,015 · excluded $131,284

  • 7a · Gross sales of assets other than inventory

    other assets $93,181

  • 7c · Gain or loss

    other assets $93,181

  • 7d · Net gain or loss

    total $93,181 · excluded $93,181

  • 10a · Gross sales of inventory

    $18,725

  • 10b · Cost of goods sold

    $12,200

  • 10c · Net income from sales of inventory

    total $6,525 · unrelated business $6,525

  • 11a · Other revenue: ADMIN. SERVICES

    total $360,059 · unrelated business $360,059

  • 11b · Other revenue: HOME WARRANTY WIRING

    total $34,193 · related or exempt $34,193

  • 11c · Other revenue: EQUITY EARNINGS (LOSS) SUBSID

    total -$342,690 · related or exempt -$342,690

  • 11e · Other revenue, total

    $51,562

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $5,129,933

  • 5 · Compensation of officers, directors and key employees

    total $760,088

  • 7 · Other salaries and wages

    total $11,757,994

  • 8 · Pension plan contributions

    total $2,183,531

  • 9 · Other employee benefits

    total $63,374

  • 10 · Payroll taxes

    total $1,037,645

  • 11b · Fees: legal

    total $36,735

  • 17 · Travel

    total $1,974,434

  • 19 · Conferences, conventions and meetings

    total $700,654

  • 20 · Interest

    total $6,022,895

  • 22 · Depreciation, depletion and amortization

    total $13,404,117

  • 24a · Other expenses: COST OF POWER

    total $113,124,641

  • 24b · Other expenses: ADMIN AND GENERAL

    total $8,217,533

  • 24c · Other expenses: DISTRIBUTION MAINTENANCE

    total $5,875,854

  • 24d · Other expenses: TAXES

    total $2,096,406

  • 24e · All other expenses

    total -$1,695,406

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $7,898,672 · end of year $8,019,549

  • 2 · Savings and temporary cash investments

    beginning of year $100,000 · end of year $150,000

  • 4 · Accounts receivable

    beginning of year $21,668,207 · end of year $28,252,283

  • 7 · Other notes and loans receivable

    beginning of year $3,238,260 · end of year $5,315,388

  • 8 · Inventories for sale or use

    beginning of year $7,775,818 · end of year $12,274,590

  • 9 · Prepaid expenses and deferred charges

    beginning of year $866,560 · end of year $3,784,348

  • 10a · Land, buildings and equipment: cost or other basis

    $458,683,946

  • 10b · Land, buildings and equipment: accumulated depreciation

    $152,059,323

  • 10c · Land, buildings and equipment, net

    beginning of year $293,735,035 · end of year $306,624,623

  • 12 · Investments: other securities

    beginning of year $7,705,963 · end of year $6,126,887

  • 13 · Investments: program-related

    beginning of year $45,575,452 · end of year $48,805,901

  • 15 · Other assets

    beginning of year $363,200 · end of year $234,262

  • 17 · Accounts payable and accrued expenses

    beginning of year $17,063,294 · end of year $23,548,633

  • 23 · Secured mortgages and notes payable

    beginning of year $186,206,373 · end of year $209,302,618

  • 25 · Other liabilities

    beginning of year $18,621,173 · end of year $18,952,104

  • 31 · Retained earnings, endowment or other funds

    beginning of year $167,036,327 · end of year $167,784,476

Mission and programs · 2024

Mission

SAFE AND EFFECTIVE DISTRIBUTION OF ELECTRICITY TO THE MEMBERS OF LREMC.

  • SAFE AND EFFECTIVE DISTRIBUTION OF ELECTRICITY TO THE MEMBERS OF LREMC. THE THREE LARGEST PROGRAM SERVICES, AS MEASURED BY EXPENSES, WERE AS FOLLOWS: COST OF POWER: 113,124,641 DEPRECIATION: 13,404,117 SALARIES: 11,757,994

As filed on the 2024 return.

Listed in Part VII

  • Steven Davis

    VP INFO TECH

    Total calculated
    $332,942
    From this org
    $174,040
    From related orgs
    $0
    Other
    $158,902
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $160,820
    Bonus
    $13,220
    Other
    not reported
    Deferred
    $150,552
    Nontaxable benefits
    $8,350
    Filer's total
    $332,942

  • Jon T Locklear

    PRESIDENT &

    Total calculated
    $332,923
    From this org
    $277,418
    From related orgs
    $0
    Other
    $55,505
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $261,793
    Bonus
    $15,625
    Other
    not reported
    Deferred
    $32,514
    Nontaxable benefits
    $22,991
    Filer's total
    $332,923

  • Ruby Quick

    VP MEMBER SR

    Total calculated
    $275,501
    From this org
    $177,605
    From related orgs
    $0
    Other
    $97,896
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $158,767
    Bonus
    $12,381
    Other
    $6,457
    Deferred
    $89,546
    Nontaxable benefits
    $8,350
    Filer's total
    $275,501

  • William Dockery

    SUP OF OPERA

    Total calculated
    $246,928
    From this org
    $181,185
    From related orgs
    $0
    Other
    $65,743
    Hours/week
    57

    Schedule J breakdown matched by us

    Base
    $171,085
    Bonus
    $5,836
    Other
    $4,264
    Deferred
    $50,584
    Nontaxable benefits
    $15,159
    Filer's total
    $246,928

  • John Dyson

    COO

    Total calculated
    $239,397
    From this org
    $203,040
    From related orgs
    $0
    Other
    $36,357
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $183,679
    Bonus
    $12,087
    Other
    $7,274
    Deferred
    $20,845
    Nontaxable benefits
    $15,512
    Filer's total
    $239,397

  • Roma Hussey

    VP OF HR

    Total calculated
    $209,336
    From this org
    $158,145
    From related orgs
    $0
    Other
    $51,191
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $149,184
    Bonus
    $8,961
    Other
    not reported
    Deferred
    $36,339
    Nontaxable benefits
    $14,852
    Filer's total
    $209,336

  • Daniel Leonard

    CFO

    Total calculated
    $204,265
    From this org
    $172,176
    From related orgs
    $0
    Other
    $32,089
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $161,133
    Bonus
    $11,043
    Other
    not reported
    Deferred
    $9,474
    Nontaxable benefits
    $22,615
    Filer's total
    $204,265

  • Eric Locklear

    DIRECTOR

    Total calculated
    $22,500
    From this org
    $22,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Ron Anderson

    DIRECTOR

    Total calculated
    $20,100
    From this org
    $20,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Rory C Eddings

    CHAIRMAN

    Total calculated
    $19,500
    From this org
    $19,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Sharon Burnette

    DIRECTOR

    Total calculated
    $19,200
    From this org
    $19,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Silva Chavis

    SECRETARY

    Total calculated
    $16,500
    From this org
    $16,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Ronald G Hammonds

    DIRECTOR

    Total calculated
    $16,200
    From this org
    $16,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Kirk Lowery

    TREASURER

    Total calculated
    $16,200
    From this org
    $16,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Mary Beth Locklear

    DIRECTOR

    Total calculated
    $15,900
    From this org
    $15,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Roger Oxendine

    VICE CHAIRMA

    Total calculated
    $15,900
    From this org
    $15,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Rhonda M Goins-Dial

    DIRECTOR

    Total calculated
    $15,600
    From this org
    $15,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • James Hardin

    DIRECTOR

    Total calculated
    $15,600
    From this org
    $15,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Anthony Hunt

    DIRECTOR

    Total calculated
    $15,000
    From this org
    $15,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Sherry Carter

    DIRECTOR

    Total calculated
    $14,700
    From this org
    $14,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • LREMC TECHNOLOGIES LLC

    C CORP · TELECOM · NC · 100% owned · share of income -$912,674 · share of assets $9,195,591 · controlled entity

    Directly controlled by C CORP

Provenance

Return type
form_990
Tax year
2024
Filed
15 November 2025
IRS schema version
2024v5.0
Source object
202503169349302115

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